Jay Carney

Congressional Republicans dug in to fight President Barack Obama’s plan to skirt the fiscal cliff, rejecting his tax-and-spending proposal as the president heads out today to sell it to the American public.

Global stocks snapped the longest losing streak in almost a year amid optimism a deal can be reached to avoid automatic U.S. spending cuts and tax increases. Oil led commodities higher. The dollar and Treasuries fell.

The post-election rout in U.S. stocks has driven the Standard & Poor’s 500 Index down so far that it would have to advance 26 percent to reach the valuation of bull markets since John F. Kennedy was in the White House.

House Speaker John Boehner offered a “framework” including new revenue to reduce the U.S. budget deficit during talks with President Barack Obama and Congress leaders on averting a year-end fiscal crisis.

The Obama administration is reviewing the country’s ethanol policy amid calls from both political parties and the United Nations to suspend annual targets as the worst drought in 56 years spurs corn prices.